Are we rejecting the top of the range
Monday's break of the September high in the S&P 500 followed by the big reversal lower is the dominant feature on the chart.
Today's trade is certainly negative but even a 50 point (1.4%) decline looks tame compared to the big gains since the start of the month.
It feels like there is still another shoe to drop in the election and we're going to get some big US covid numbers in the next two days. Some worries are building that Congress isn't going to be able to agree on a stimulus package but I think they will unless the White House grandstands.
